
The Rundown Can You Govern the Economy Like a Reality TV Show? (ft. Kyla Scanlon)
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Jan 25, 2026 Kyla Scanlon, author and commentator on economics and markets, brings sharp macro analysis and writing from Substack and her book. She unpacks the end of the Great Moderation. She explores politics-as-reality-TV and its market fallout. She explains the bond market as a check on power, Japan's role in global rates, and China’s rising energy and AI influence.
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End Of The Great Moderation
- The U.S. may be exiting the decades-long "Great Moderation" of stable macroeconomics.
- Kyla Scanlon calls the emerging era the "Great Entertainment," where politics and media-driven volatility dominate markets.
Politics As Market-Moving Entertainment
- Political theatre alters policy and market reactions, turning governance into an entertainment show.
- That dynamic weakens traditional rule-based diplomacy and pushes other countries toward alternative partners.
Bond Market As A Check On Power
- The bond market now functions like a fourth branch of government by enforcing financial discipline.
- Market selloffs (the "taco trade") can force quick policy reversals when political actions spook investors.





